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1、 Vi 2 Lundbeck Annual Report 2023 Management Review2023 in BriefOur BusinessGovernanceFinancial Statements Our Business Model 3 Patient perspective:Navigating the waves 4 2023 IN BRIEF Financial Key Figures1 6 Key Events 7 Sustainability Key Figures 8 Letter to Shareholders 9 OUR BUSINESS Strategy U
2、pdate 12 Performance Review and Outlook 2024 14 Business Performance 15 Science and Innovation 19 Markets and Products 26 Summary for the Group 2019-2023 29 GOVERNANCE Corporate Governance 33 Sustainability 35 Business Ethics and Code of Conduct 37 Risk Management 38 Board of Directors 40 Executive
3、Management 43 The Lundbeck Share 45 Consolidated Financial Statements 50 Financial Statements of the Parent Company 92 Management Statement 102 Independent Auditors Reports 103 ADDITIONAL INFORMATION(PART OF MANAGEMENT REVIEW)Adjusted EBITDA Reconciliation 107 Also find our Sustainability Report,Rem
4、uneration Report and Corporate Governance Report on L Contents MANAGEMENT REVIEW FINANCIAL STATEMENTS OTHER REPORTS Cover Nicole is from the U.S.and was diagnosed with migraine at the age of 15.Read her story on page 4.Photography:Sren Svendsen and Lundbeck.3 Lundbeck Annual Report 2023 Management R
5、eview2023 in BriefOur BusinessGovernanceFinancial Statements 3 Lundbeck Annual Report 2023 Management Review2023 in BriefOur BusinessGovernanceFinancial Statements OUR BUSINESS MODEL At Lundbeck,we discover,develop and commercialize treatments that make a difference to people affected by psychiatric
6、 and neurological disorders.We have more than 70 years of experience in neuroscience and in improving the lives of people with brain disorders.We cover the full value chain:We research to build a strong pipeline consisting of promising molecules and antibodies.We develop our drug candidates into new